Press Statement by Genneva Customers Sabah

GENNEVA Malaysia Sdn Bhd was raided by Bank Negara Malaysia on 1st October, 2012 for suspicious of operating illegal investment schemes using gold. Genneva Malaysia is an innovative gold trading company in Malaysia.

GENNEVA Malaysia had attracted about 6,000 consultants with near to 60,000 customers transforming 300,000 lives for this 1,000,000 welfare of Malays, Chinese, Indian and others with an estimated total sales turnover revenue of RM3 billion as reported by the newspaper. Total numbers of customers in Sabah is expected to be around 1,000 from all walks of life.

In the last five months, the customers of GENNEVA Malaysia have send many petitions to our current and former Prime Minister of Malaysia, Governor of Bank Negara Malaysia, Minister of Home Affairs and various political parties and politicians to seek assistant to appeal to Bank Negara Malaysia to expedite the investigation of GENNEVA Malaysia.

We, the affected customers in Sabah want to believe in the Central Bank of Malaysia claim to protect and stand by the people but we simply don’t see that is happening here after 5 months where there is no update given to the Rakyat on the outcome of the investigation.

2.0 OBJECTIVES OF TODAY’S EVENT

The objective of today’s event is to request Bank Negara Malaysia to give us, the customers an answer as to the outcome of their investigation without unnecessary and further delay so that we can take the necessary action to recover our losses.

3.0 WHY CUSTOMERS CHOOSE TO BE IN FAVOUR OF GENNEVA MALAYSIA?

We as the Customers of GENNEVA Malaysia basically choose to buy gold from GENNEVA Malaysia to hedge against inflation.

We choose Genneva Malaysia because we witness their credibility and transparency in their operation.

They create not only favorable income for many a family but they provided employment for the jobless, for semi-retirees, for single parents etc

They help to put many families home with food on their table, support high cost of medical bills, support our old aged parent and sick love ones, support our children educations, pay loans and channel part of our income to charity centers etc.

4.0 WHY NO FAULT OF GENNEVA MALAYSIA AND SUPPORTERS

Our confidence was enhanced as we understand that the Central Bank was holding talks, a consultation dialogues with Genneva Malaysia. This was on-going for the last 8 months before the raid with the noble intention to help and guide Genneva Malaysia to ensure they are compliance to all legality of their operations in order to protect Genneva Malaysia and their supporters.

The dialogue and consultations were as follow:

Genneva Malaysia has been in consultation with their Syariah Committee. All necessary Sale and Purchase contracts or documents between Genneva Malaysia and customers are to be vetted by the Syariah committee and to be carried out by Genneva Malaysia (Note: Syariah Committee members required to obtain prior written approval from Central Bank.)

On Feb 12, 2012 Central Bank’s director of legal department informed the company that after having audited Genneva Malaysia, they came to a conclusion that there was no issue in Genneva Malaysia business model.

Key Notes of the advertisement “No buy back guarantee, Not an investment company, Only a Gold trader.”

8 months ago before the raid, in order to protect their consultants and customers from the grey areas of law, Genneva Malaysia took the liberty to write to the Prime Minister Dato’ Najib Tun Abdul Razak urging for regulation of gold business as the gold business is currently not regulated.
Upon receipt of the letter, the Prime Minister directed Central bank and the Finance Ministry to set up a task force to study the regulation of gold business in the country.

5.0 DIGNITARIES GRACING GENNEVA MALAYSIA’S FUNCTIONS

On top of it, we were impressed with dignitaries gracing Genneva Malaysia’s functions as below:

Judging from the above, the controversial raid has probably sent a mix messages to the people for their real reason behind it.

From the on-going dialogue and consultation between Central Bank and Genneva Malaysia to a sudden shift to raiding was a shocking blow which not only threatening and robbing many livelihoods but inflicting emotional and personal grief as well as the trust of the people;

It was heart breaking for Genneva Malaysia and supporters who had put all their faith and trust with Central Bank who were enjoying an on-going dialogue and consultation with them for the last eight months before the raid.

Many people cannot help wondering if the action they had taken could be triggered by many jealousy and hatred from rivals whom they need to please instead of directing them to face their own challenges to improve their platform to encourage financial freedom without forcing people back to out-of-favor streams that create more and more debt slaves.

6.0 ADDRESSING MISCONSTRUED ISSUES

Genneva Malaysia does not offer an investment plan.

Genneva Malaysia is just a gold trading i.e. buying and selling of physical gold (not paper).

All receivables above $10,000 from buyers are through the banks.

Should the Central Bank channel their resources to help company like Genneva Malaysia who are willing to take a step further to assist in the task force on regulations of gold?

Genneva Malaysia have made several requests to the Prime Minister and relevant authorities to regulate gold trading business.

If there are any suspicion on money laundering, the banks are responsible to vet through customers details and any suspicious of incoming customers funds.

Genneva Malaysia does not give out interest but discretionary Hibah (gift) – base on syariah principles.

SUSTAINABILITY – Genneva Malaysia is not a financial institution or get-rich-schemes. We do not know if there is a law or stature in Malaysia that can be charged if sustainability is in questions. Otherwise, many trading companies would have to be raided.

How Genneva Malaysia make money? We are very sure that is their business secret which no businessman would divulge. But there is one important secret we know is their century of experiences in combination of their ages.

Genneva Malaysia has always met their obligations and commitments to their consultants and customers.

10. Bail out – Gold trading is not under the purview of Central Bank, the latter is not obligated to exercise bail out.

7.0 WIN-WIN SOLUTION

We the customers of GENNEVA Malaysia would like to seek the urgency for a Win-Win Solution between the Central Bank and Genneva Malaysia with their customers and consultants for the sake of over 300,000 livelihoods involving more than a 1,000,000 of Malays, Chinese, Indian and others welfare.